Finland: Market for Solar Cells and Light-Emitting Diodes 2024

Market Size for Solar Cells and Light-Emitting Diodes in Finland

The Finnish market for solar cells and light-emitting diodes expanded sharply to $X in 2022, picking up by 6% against the previous year. Over the period under review, consumption recorded significant growth. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Solar Cells and Light-Emitting Diodes in Finland

In value terms, solar cells and light-emitting diodes production expanded modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 302%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports from Finland

Solar cells and light-emitting diodes exports from Finland surged to X units in 2022, growing by 19% on 2021. Over the period under review, exports, however, continue to indicate a pronounced descent. The pace of growth was the most pronounced in 2017 when exports increased by 86% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, solar cells and light-emitting diodes exports expanded remarkably to $X in 2022. Overall, exports, however, saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2014 when exports increased by 104% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden (X units) was the main destination for solar cells and light-emitting diodes exports from Finland, with a 52% share of total exports. Moreover, solar cells and light-emitting diodes exports to Sweden exceeded the volume sent to the second major destination, Estonia (X units), fourfold. The United States (X units) ranked third in terms of total exports with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume to Sweden stood at +9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+2.3% per year) and the United States (+40.5% per year).

In value terms, the United States ($X), Sweden ($X) and Estonia ($X) appeared to be the largest markets for solar cells and light-emitting diodes exported from Finland worldwide, with a combined 53% share of total exports. The UK, Russia, China, Germany and Lithuania lagged somewhat behind, together comprising a further 21%.

Among the main countries of destination, the UK, with a CAGR of +29.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for solar cells and light-emitting diodes amounted to $X per unit, declining by -7.2% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 277% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Sweden ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Morocco (+4.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Solar Cells and Light-Emitting Diodes

Imports into Finland

In 2022, the amount of solar cells and light-emitting diodes imported into Finland expanded markedly to X units, increasing by 9.2% compared with 2021 figures. In general, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2017 when imports increased by 117% against the previous year. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, solar cells and light-emitting diodes imports shrank to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 86%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of solar cells and light-emitting diodes to Finland, with a 75% share of total imports. Moreover, solar cells and light-emitting diodes imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. The third position in this ranking was taken by Austria (X units), with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +39.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+33.6% per year) and Austria (+113.0% per year).

In value terms, China ($X) constituted the largest supplier of solar cells and light-emitting diodes to Finland, comprising 41% of total imports. The second position in the ranking was taken by Germany ($X), with a 20% share of total imports. It was followed by the Netherlands, with a 4.6% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+18.9% per year) and the Netherlands (+4.0% per year).

Import Prices by Country

The average import price for solar cells and light-emitting diodes stood at $X per unit in 2022, shrinking by -16.7% against the previous year. Overall, the import price continues to indicate a dramatic setback. The most prominent rate of growth was recorded in 2021 when the average import price increased by 44% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Lithuania ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+13.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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